Dry Seal Plans to Issue Bonds to Expand Operations

question 23

Multiple Choice

Dry Seal plans to issue bonds to expand operations.The bonds will have a par value of $1,000,a 10-year maturity,and a coupon interest rate of 9%,paid semiannually.Current market conditions are such that the bonds will be sold to net $937.79.What is the yield-to-maturity of these bonds?

• A)11%
• B)10%
• C)9%
• D)8%
• E)7%

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